China shares gain on reform hopes, PBOC boost; securities stocks shine

* SSEC 2.27%, CSI300 2.44%, HSI 1.28%

* Securities firms soar on ChiNext listing expectations

* PBOC issues 700 bln yuan in medium-term loans

SHANGHAI, Aug 17 (Reuters) – Chinese shares jumped on Monday, led by securities firms, on hopes that capital market reforms would boost revenues and after the central bank injected fresh funds into the country’s financial systemn.

** At the midday break, the Shanghai Composite index was up 2.3% at 3,436.30. The blue-chip CSI300 index gained 2.44%. ** A sub-index tracking securities firms jumped 5.75% after the Shenzhen Stock Exchange said on Friday that the first batch of companies registered for listing on Shenzhen’s ChiNext start-up board under a revamped initial public offering system will make their debuts on Aug. 24. ** China’s central bank issued medium-term loans worth 700 billion yuan ($100.86 billion) to financial institutions, rolling over 550 billion yuan of such loans maturing in August and injecting a further 150 billion and leaving borrowing costs unchanged. ** Washington and Beijing postponed a review of their trade deal as China ramps up imports of farm and manfuctured goods. A source told Reuters that U.S. officials wanted more time to allow China to increase purchases of U.S. goods. ** Chinese H-shares listed in Hong Kong rose 1.79% to 10,450.56, while the Hang Seng Index added 1.28% to 25,505.82. ** The smaller Shenzhen index gained 1.78%, the start-up board ChiNext Composite index was 0.91% higher and Shanghai’s tech-focused STAR50 index added 0.29%​. ** Around the region, MSCI’s Asia ex-Japan stock index was 0.24% weaker, while Japan’s Nikkei index fell 0.93%. ** The yuan was quoted at 6.9409 per U.S. dollar, 0.13% firmer than the previous close of 6.9501. ** So far this year, the Shanghai stock index is up 10.16%, while China’s H-share index is down 8.1%. Shanghai stocks have risen 1.51% this month.

$1 = 6.9405 Chinese yuan
Reporting by Andrew Galbraith; Editing by Rashmi Aich

Read More


Please enter your comment!
Please enter your name here